Get Well cards were sent out to Marlene Hruby and Daniel Nnorth; Thinking of You to Sheila Gold; Sympathy to Virginia Hansen on the death of her sister; Jeff Gold Family; and the family of John Firenze, former member of our chapter.

Sadly, we are in need of someone to fill Sheila’s position. Duties include helping with the Sacred Heart donations, collecting their backpack items, tallying volunteer hours, reporting in the Dispatch, attending board and general meetings, and announcing any local event that needs volunteers. We also need someone to help Barbara sell opportunity tickets, draw tickets and announce winners at the general meeting. This is extent of this position. Call Jan DeLucchi 379-7587 if interested. We need you!

On behalf of Sacred Heart Community Service and our local flood victims, thank you so much for your generous contributions to the effort to help our neighbors recover. These services continue throughout the year, but all local organizations are very overwhelmed at present with the increase in need caused by rising waters. You should see the “all hands on deck” effort going on — it’s pretty amazing! Clothing, bedding, towels, toiletry items and food are always needed and appreciated. You get it to our AARP meeting — we get it to Sacred Heart.

Just a reminder to pick up your name badge when you come into the meeting. Please wear it so that others will know your name and you will know theirs. It will make introducing yourself much easier and also help us all remember others’ names too. Don’t forget to return your badge at the end of the meeting. If you’ve lost your badge, come see me at the Membership Table and I’ll have a new one for you at our next meeting.

Let’s talk about the Department of Labor’s (DOL) Fiduciary Rule delay. Apparently, then-President Obama asked that the DOL set up a rule that made retirement advisors put the needs of their clients first, before any financial gain to themselves. (Huh, go figure.) This rule was written, approved and signed by April of 2016. It was supposed to go into effect this month. However, during the first session of congress this year, Representative Joe Wilson (R, S.C.) introduced a bill that would delay the Fiduciary Rule by two years.

This was probably due to more protests from the financial industry groups. They had already protested vehemently back in 2010, stating regulatory costs, liability costs and client concerns were going to be a problem. Especially since the Fiduciary Rule set a much higher standard than the suitability standard from 1974. (This was way overdue to be overhauled, folks.)

Many industry groups have already jumped onboard with the new plan, including the CFP Board, the Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA). Supporters applauded the new rule, saying it should increase and streamline transparency for investors, make conversations easier for advisors entertaining changes, and most of all, prevent abuses on the part of financial advisors, such as excessive commissions and investment churning for reasons of compensation. A 2015 report by the White House Council of Economic Advisers found that biased advice drained $17 billion a year from retirement accounts.

However, the legislation has met with staunch opposition from other professionals, including brokers and planners. Financial advisors would rather be held to a “suitability” standard than a “fiduciary” standard because the latter will cost them money – in lost commissions and the added expense of compliance. The stricter fiduciary standards could cost the financial services industry an estimated $2.4 billion per year by eliminating conflicts of interest like front-end load commissions and mutual fund 12b-1 fees paid to wealth management and advisory firms.

Now this delay is costing us money and we need to do something about it, since the main impact is on retirement accounts and IRA’s. Three lawsuits have been filed against the Fiduciary Rule and it can be stopped. Not something we want. I believe we need to talk to our representatives and Senators and get the ball rolling again to keep the new standard from falling through the cracks.

John Lehman is currently launching a commercial company, WhoSangIt, which will retrieve all individual songs (singles) by dates of popularity for any date beginning in 1890, and continue to provide memory kits through touchscreen partners. An amateur musicologist, John has collected music since 1959 and has one of the largest private single record/song collections in the world, covering every single from 1890-today.

John is the founding Board Chair, and currently Executive Director, of Senior New Ways, a Palo Alto, CA 501(C)(3) non-profit. He created Vintage Music for Memory Therapy, beginning in 2008, for both groups and individuals, and delivers it to six day care and residential care centers.

Please bring books to share. Leave clean clothing and bedding and nonperishable food for Sacred Heart on the bench outside. Please do not bring garage sale type items for Sacred Heart. Put new and used greeting cards in the box on the troop table. Bring your items for the GI’s into the meeting area. Put your volunteer hours in purple envelope at sign-in table.